Trade Deficit Bigger Than Ever, Adding to List of Bush Economic Failures
WASHINGTON, DC – New statistics released by the federal government today show that the trade deficit hit $69.9 billion in August, topping the previous all-time high set one month earlier. Last year, the annual trade deficit was at a record high for the fifth consecutive year, and it is well on its way to topping that record again this year.
Rep. Carolyn Maloney (NY-14), the senior House Democrat on the Joint Economic Committee, reacted to today’s news:
“The Bush economy keeps setting records, only they are the wrong records to set. Under President Bush, we’ve had five straight years of record trade deficits, three record budget deficits and a record national debt – I think we’re seeing a pattern here.
“A major reason for our enormous trade deficit is the Bush administration’s failure to develop a real energy plan to lower our dependence on foreign oil. Our nation’s energy policy needs a new direction that encourages the development of new technology and alternative fuels.”